Key players have extended the deadlines surrounding NAB’s proposed acquisition of AXA Asia Pacific (AXA).
Joint statements issued this week by AXA, its European parent company, AXA SA and National Australia Bank have announced an extension to the period during which NAB must satisfy the anti-competitive objections raised by the Australian Competition and Consumer Commission(ACCC) in relation to its proposed acquisition of AXA.
NAB now has until 31 August 2010 to make submissions to the ACCC and satisfy the objections raised by consumer body to the proposed acquisition (see: ACCC Opposes NAB’s AXA Bid…).
As well as extending the time frame in which to satisfy ACCC objections, the date by which the overall scheme of arrangement is required to become effective (including shareholder and court approval) has also been extended to 31 January 2011 (previously 31 October 2010).
Meanwhile the opposing ‘fifth pillar’ bid for AXA by AMP remains on the table. Last month, AMP issued a statement welcoming the New Zealand Commerce Commission’s clearance of the proposed AMP/AXA merger, stating that a merger between AMP and AXA would create a fifth pillar in the critically important financial services sector, creating a stronger wealth manager to better serve the Australian and New Zealand communities.
